Bitcoin price began to decline significantly due to Israel-Iran tensions. BTC fell to $60,500 and is currently attempting a recovery.
- Bitcoin is attempting a recovery from the $60,500 support zone.
- The price is trading below $65,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a major upward channel forming with resistance at $65,850.
- A break above the $66,000 resistance area could provide bullish momentum.
Bitcoin price recovery faces obstacles
Bitcoin price began to decline significantly below the $70,000 level. BTC gained bearish momentum as tensions between Israel and Iran escalated. There was a sharp decline below the $66,000 and $65,000 levels.
The price fell more than 10% and even tested the $60,500 support. A low was made around $60,495 and the price is currently recovering. It surpassed the $62,500 and $63,000 levels. There was a move above the 23.6% Fib retracement level with a downward move from the $71,200 swing high to the $60,495 low.
Bitcoin is currently trading below $67,000 and the 100-hour simple moving average. Immediate resistance is near the $65,800 level. The hourly chart of the BTC/USD pair also has a major upward channel with resistance forming at $65,850. This is close to the 50% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low.
Source: TradingView.com BTCUSD
The first major resistance could be at $66,000. The next resistance now lies at $68,000 and the 100-hourly simple moving average. If there is a clear move above the $68,000 resistance zone, the price may continue to rise. If specified, the price could go up to $70,000. The next major resistance is near $71,200. If more gains occur, Bitcoin may head towards the $72,500 resistance zone in the near term.
Another drop in BTC?
If Bitcoin fails to rise above the $66,850 resistance zone, another decline could begin. Immediate support for the downside is near the $64,500 level.
The first major support is $63,000. If it closes below $63,000, the price may start to fall towards the $62,000 level. More losses could lead the price towards the $60,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $64,500, then $63,000.
Key resistance levels – $65,850, $66,000 and $68,000.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.